Tag: Bank

Brazil’s crypto surge prompts central bank to tighten regulation

boss

The governor of Banco Central do Brasil, Brazil’s central bank, said the bank has noted a significant surge in crypto adoption in the country and intends to react by tightening the digital assets regulation.  During his speech to the parliamentary Finance and Taxation Commission on Sept. 27, Roberto Campos Neto reported the rise of “cryptocurrency imports” by Brazilians. According to the central bank’s data, imports of crypto rose by 44.2% from January to August 2023 when compared with 2022. The total funds were about 35.9 billion Brazilian reals ($7.4 billion). Related:…

6th Swiss bank joins SDX crypto exchange

boss

Hypothekarbank Lenzburg, a regional Swiss bank with over $7 billion in assets, has become the sixth Swiss bank to join Six Digital Exchange (SDX). According to the press release from Sept. 27, Hypothekarbank Lenzburg joins Berner Kantonalbank, Credit Suisse, Kaiser Partner Privatbank, UBS and Zürcher Kantonalbank. All the companies are from Switzerland, and SDX’s company, Six Group, is headquartered in Zurich. Related: How big is Bitcoin in Lugano? Decentralize with Cointelegraph goes to BTC school As specified in the release, by joining the SDX’s central securities depository, Hypothekarbank Lenzburg will…

Bahrain’s Bank ABC using JPMorgan’s Onyx blockchain for cross-border payments

Bahrain-based Bank ABC will use JPMorgan’s Onyx Coin Systems for blockchain-based cross-border payments in a soft, or limited, launch. The new service will be more cost effective and reduce settlement times relative to traditional solutions. Bank ABC will at first use the U.S. dollar in transactions involving Bahrain, the United States, United Kingdom, Singapore and Hong Kong. The partners are planning more locations and transactions with the euro as well. Programmable payments are also in the works. The service has been launched after two years of experiments. Global head of…

Coinbase (COIN) Registers With Central Bank of Spain

The global economy may not be ready to face the worst-case scenario of the U.S. interest rate rising as high as 7% with stagflation, according to the CEO of investment banking giant JPMorgan (JPM), Jamie Dimon, Bloomberg reported on Tuesday. Since March 2022, the Federal Reserve has raised the benchmark borrowing cost by 525 basis points to the 5.25%-5.5% range to tame inflation. The so-called tightening cycle was partially responsible for last year’s crypto market crash. According to Dimon, the Fed may have to keep raising rates to subdue persistent…

Binance Japan and MUFG Trust Bank Forge Partnership for New Bank-Backed Stablecoin

This partnership is also a significant stride in the Japanese government’s endeavor to embrace blockchain technology and cryptocurrencies, fostering their broader adoption within the country and beyond. Binance Japan is partnering with Mitsubishi UFJ (MUFG) Trust Bank, a move squarely aligned with the Japanese government’s new Web3 policy. This collaboration aims to birth a new stablecoin, and the chosen platform for its development is the Progmat coin platform, a proprietary asset of MUFG. This platform diligently adheres to the strict Japanese regulations governing the issuance and management of cryptocurrencies. Back…

Coinbase Now Registered As Crypto Exchange and Custodian Wallet Provider With Bank of Spain

boss

Top US digital asset exchange Coinbase has successfully registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain. Coinbase says in a new announcement that the registration will let the company offer its full scope of products to retail and institutional users in Spain within regulation. Spanish users will now be able to access Coinbase’s custody services, buy and sell digital assets using fiat currency and trade crypto against other crypto, as per the announcement. Nana Murugesan, vice president of international and business development at Coinbase,…

Coinbase secures AML registration from the Bank of Spain

boss

Cryptocurrency exchange Coinbase has secured an Anti-Money Laundering (AML) compliance registration from Spain’s central bank, as part of its ongoing expansion across Europe. According to a Sept. 22 statement, the registration with the Bank of Spain now means that Spanish users will be able to retain custody of their crypto assets on Coinbase, as well as buy and sell crypto assets in Spain’s legal tender, the Euro. “This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in…

Coinbase expands in Europe with new Bank of Spain license

Coinbase secured authorization from the Bank of Spain as an official Bitcoin (BTC) and digital assets exchange and custodial wallet service provider. This milestone empowers Coinbase to extend its complete range of offerings to both retail and institutional users in Spain and Europe. Coinbase secures Bank of Spain approval  In a Sept. 22 blog post, Nana Murugesan, the Vice President of International and Business Development at Coinbase, described the Bank of Spain’s approval as a significant achievement. Coinbase can now expand its services for retail consumers, institutional clients, and developer…

Why This Bank CEO Wants 99% Of The Crypto Industry Gone

boss

In a bold and contentious statement, Caitlin Long has asserted that 99% of the crypto industry should be eliminated to decrease leverage buildup and improve the industry’s future advancement. Industry Overhaul Demanded For Sustainability Caitlin Long, Founder and CEO of Custodia Bank, a crypto asset banking company, has called for a seismic change in the crypto industry and its practices. The CEO emphatically suggested that only 1% of the crypto industry should be allowed to operate while 99% of the industry should be destroyed and the majority of crypto firms…